Bitcoin has not been off the crypto agenda for weeks. However, the second largest cryptocurrency Ethereum is also making a difference and is poised to make a major breakthrough according to experts. This year has not been an ideal year for digital money. Ethereum started the year at $ 132. Days later, the coin began a rally that saw its price rise to $ 281 and attempted to reach $ 300, but fell soon when the rally ended and then faced a correction hit.

 

The fast-rising cryptocurrency is currently trading at $ 723, and although this price is still not close to its all-time high, it has risen almost five times, signaling an important journey towards this success regardless of its speed. Ethereum just couldn’t keep the $ 600 level 8 days ago, but now it looks alright. The digital currency has managed to defend a key support level ($ 650) that experts believe is critical to LTF acceleration.

Ethereum may see an all-time high next year. Let’s look at the reasons together …

Bullish prospects for Ethereum

While the short-term price trajectory is largely dependent on Bitcoin’s price action, some experts believe that Bitcoin is the reference currency and is currently in control of the cryptocurrency market, so a mirror of its performance will be good for the price of ethereum.

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Ethereum’s futures premiums appear in form, and according to reports, its indicator touched $ 4.5 on December 1, which is as good as 3-month futures trading at a premium of $ 1.5 higher than regular spot exchanges. When the coin stabilized near the $ 650 support level, Ethereum’s indicator has since dropped to $ 2.5. However, professional traders showed some kind of optimism as ETH kept above $ 1.5 minimum regardless of the decline.

Ethereum has seen an increase in withdrawals, which could be due to various reasons such as yield farm, staking, and buyers or investors sending cryptocurrencies to cold storage. ETH experienced a strong net outflow for three months in the early days of August and saw 4.3 million Ether withdraw from several crypto exchanges. However, the trend came to a halt in mid-November, exceeding the price of $ 420 as an indication of investors’ willingness to stand on the ground and believe in the short-term price trajectory of the coin.

Ethereum has seen an increase in the number of daily transactions as interest and optimism in cryptocurrency continues to rise. As the target audience for many of the major tokens growing every day, ETH may see larger transactions in the coming months. The daily number of ETH transactions now stands at 1.147 million, with an increase of $ 116.4 since last year.

While the next big boost is still partly dependent on Bitcoin, there are many developments in place of ETH, and with the current bullish nature, the coin could see surprising numbers in the coming months.

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